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What are the benefits of having education protection for your children?

Tamara Mafilika|Published

Start saving as early as possible for higher education fees.

A University World News article, focusing on higher education, attributes rising costs such as: higher education institutions raise their fees on the back of rising maintenance costs, higher enrolment rates, and the rand-dollar exchange rate has also increased the cost of imported books.

What can you do to ensure that your children receive the education that dreams are made of while being able to sufficiently fund it? Life insurance provides the solution.

According to MyBroadband these are some of the advantages to having an education life insurance plan:

  • Choose what you have cover for: you choose how you’d like the benefit to be structured based on your needs. For example, you can tailor it to pay out for: death, severe illness and disability cover only; or severe illness, disability and death.
  • Cover applies to any – and every – stage of education: Our education benefit can start from as early as the crèche stage, right through to the end of tertiary studies.
  • Cover has education-specific features: tuition fees are not the only costs involved in getting an education. For example, the add-on costs of textbooks, stationary, necessary tech gadgets and uniforms. At tertiary level, residence fees may also apply. A comprehensive education benefit can factor all of these extra costs in.
  • Opportunities are not limited: wherever in the world your child aspires to learn, cover can extend beyond local borders. With the world becoming more globalised, quality education can be enjoyed anywhere in the world.

According to data analysis published by Old Mutual (2021), parents will be expected to pay R64 200 for the first year of university studies on average. This is likely to triple to R107 600 by the year 2025. The increase would have continued to R165 600 by the year 2030.